Book Opener

Reviewing What You LearnedExploring Section AssessmentEach section and chapter ends with assessment questions and activitiesdesigned to evaluate your understanding of the section material. The SectionAssessment provides you with a chance to review and evaluate your comprehensionof the important topics immediatelybefore moving on to new concepts.must sell the goods to the highest bidder. The goods cannot be withdrawnfrom bidding unless no bid is made. An auction sale is withreserve unless it is expressly stated that it is without reserve.Have you visited an online auction Web site when searching for anew CD or plane tickets? Internet auctions have become increasinglypopular. They offer opportunities to buy and sell goods locally andworldwide. Internet auctions can be person-to-person or business-toperson.In person-to-person auctions, sellers offer items directly toconsumers. The highest bidder must deal directly with the seller toarrange for payment and delivery. In contrast, operators of businessto-personauctions have control of the items and handle the paymentand delivery of goods.Internet auction fraud is a concern. Sometimes sellers don’t deliverthe goods, or they deliver something less valuable than the item theyadvertised. At other times, sellers fail to deliver an item when they saythey will. The Federal Trade Commission (FTC) provides informationabout Internet auctions in its free brochures and at its Web site.Social StudiesBefore people exchangedmoney for goods, peopletraded goods for goods.This type of sale iscalled barter. The discoveryof nonlocal objectsat many archaeologicalsites suggests thatbarter existed in prehistorictimes.Research ActivityReviewing What You LearnedThese questions require you torecall important section materialsand key terms.Bulk TransfersSometimes a business transfers all merchandise and supplies atonce, known as a bulk transfer . The UCC rules require that the buyerof the bulk goods notify all of the seller’s creditors at least 10 daysbefore the transfer will take place. The creditors then have the opportunityto take legal steps to get the money that is owed them before thetransfer of the goods. Before this rule existed, merchants owing moneycould sell out their entire stock for less than it was worth.Anthropologists havefound bartered goodsthroughout the world.Research a countrythat still uses barteras an important methodof exchange. Find outwhat types of goodsare bartered and howa value is placed onthose goods. Write aone-page paper thatexplains your findings.1. When do you use the law of sales?2. What special rules apply to sales contracts?3. When must sales contracts be in writing?What are the exceptions?4. What are some rules for auctions and bulksales?installed in your home, how should you determinewhether to apply the law of sales?Legal Skills in ActionCritical Thinking ActivityLaw of Sales When you contract for somethingthat includes both goods and services,such as having wall-to-wall carpetingAuctions Conduct a two-part mock auction ofmusic CDs in front of your class. Have yourclassmates bring in CDs to be auctioned. (Besure to mention that everything will bereturned to the rightful owners after theauction.) Arrange for the first part of the roleplayto be an auction without reserve and forthe second part an auction with reserve.Critical Thinking ActivityThis activity requires you todemonstrate an understanding ofthe concepts introduced in thesection by interpreting, analyzing,comparing, or making judgments.Chapter 13: Contracts for the Sale of Goods 275Legal Skills in ActionThis question focuses on using basicmathematical, communication,interpersonal, writing, language arts,and thinking skills to explain conceptsstudied in the section.Exploring Your Book xvii